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Bitcoin continues to be the most valuable cryptocurrency in terms of market capitalization but there’s one area that Ethereum, the second-ranked token, is catching up. Ethereum recently topped Bitcoin in terms of daily network fees for two consecutive days and it looks like the trend might be here to stay in the coming weeks ahead.
On June 6, fees spent on the Ethereum network climbed to $498,000, according to Coin Telegraph. Meanwhile, fees spent on Bitcoin’s network only reached 308,000, which means that it is behind its competitor by $190,000.
What’s even more surprising is that the gap between the two networks’ fees not only continued but even widened the following day. The Ethereum networked collected $540,000 on June 7 while Bitcoin’s declined to $258,000.
The Ethereum network has been raking in fees recently. In fact, it is not the first time that it surpassed Bitcoin this year. The first time it happened was on March 12, when the network posted a massive $800,000 in fees. Coin Telegraph said the network experience congestion at that time, which may have contributed to its users paying more fees for transactions.
The Bitcoin mempool or the collection of all Bitcoin transactions awaiting verifications and confirmation has been cleared on Thursday as a result of the recent difficultly adjustment. As a result, transaction fees on the network dropped to $1 due to the lack of pending transactions, eventually resulting in the lower network fees collected. For comparison, the average Bitcoin transaction fee on May 20 is $6.6 after the recent halving.
Meanwhile, the Ethereum mempool is still congested. There are over 103,000 pending transactions which explain the network’s high total daily transaction fees.
In addition, stablecoins transfers have been on the rise this year. This means that the increased network activity is in part due to the transactions of stablecoins based on the Ethereum network such as Tether (USDT), Paxos (PAX), and USD Coin (USDC).
There an upcoming Ethereum 2.0 upgrade which will be arriving this July which is aimed at solving scalability issues. The upgrade will move the network to a Proof-of-Stake, or PoS, consensus.
